Convert 111 XP Hunter 308 to 223AI - Am I on the right track?

Greetings!

I’ve been reading as much as I could for the last few weeks and I believe it's time for a sanity check. I couldn’t find anyone with my exact scenario so I’ll post it here now. My apologies if this has been covered before, and thank you all in advance for your guidance.

Several years ago I picked up a used 111 Hunter XP in .308 WIN. Model 11 stamped on the sporter barrel, short action, top bolt release, small shank, staggered feed blind magazine. This model has no floor plate or detachable magazine. According to Savage site, built in 2005. The only thing I like about this rifle is the action.

I don’t hunt regularly, and lately my interests are more geared towards target shooting and reloading. My first goal was to swap out the barrel for something more target friendly, but the more I researched the more I began to consider changing calibers as well. The local ranges only go up to 300 yards so long range isn’t on the regular menu. I figured I might try something less expensive to load and more forgiving on recoil, yet able to blast the occasional varmint if necessary. That led me to 223AI. I’ve read several threads here from members that really like it, so I thought I might give it a go.

My plan is to replace the stock with something decent, but I don’t especially want to invest a huge amount of money right now. Unless someone has a compelling reason to not go with Boyds Tacticool, I’ll probably head in that direction.

Not entirely set on the barrel yet. I was thinking 26” varmint contour with an 8 or 9 twist. It would be nice to have the ability to go heavier bullets at greater distances down the road. As I don’t intend to haul this thing cross country, weight isn’t a huge issue. Primary goal is accuracy from rest/bags or perhaps bipod.

If I’ve done my homework correctly, I need to swap the bolt head as well as the magazine box and follower. The bolt head and follower appear to be available, but the magazine box is an elusive creature. I’m more than happy to use the single shot follower until I can source the real thing. Assuming the original firing pin will work.

New scope will be Leupold. I haven’t decided on a model yet.

I’m also aware that I’ll need the barrel wrench and go/no-go gauges. If there are no other specialized tools I can make do with what I have around the house.

So my questions to all of you are:

1. Is this a worthy action on which to base a gun like this?
2. Does my choice of caliber sound reasonable given what I want the gun to do?
3. Does my barrel length, weight, twist make sense given what I want the gun to do?
4. Am I missing anything?

And any other comments, concerns or suggestions appreciated! Thank you again!

UPDATE: Just talked to Jim at NSS. Holy cow what a great guy! We talked about it and settled on a Criterion 26" stainless match varmint in 1:9. Also getting the recoil lug, nut, 1.5 lb spring for the accu-trigger and tools. Off to find more stuff!